I think, however, this is good news for moderate Republicans. I think the Republican Party will have to boot the Tea Party to be a viable national party going forward. I think that's good for any moderate Republican who saw his/her candidates lose primaries to lunatics with no chance to win.
Is it good for moderate Republicans if the Tea Party becomes a third party that runs separate candidates?
Well, if that happens, I don't expect it to last long. The Democrats would just win everything.
As it is, I think Republicans have huge incentive to move towards the center. Romney's claim that he'd create 12 million jobs was ridiculous because all financial prognosticators think that will happen anyway. Thus, the country will be in much better shape in 4 years.
Couple that with the popularity of the Clintons, and I can't imagine many scenarios that Hillary isn't the next President. Thus, the Republicans are going to have to think long and hard about how to reinvent themselves.